The February budget forecast from Minnesota Management and Budget was presented today with a budget and economic forecast projecting a positive balance of $1.6 billion for the FY 2022-23 biennium. Minnesota’s budget outlook is significantly better for this biennium and the next due to an improved U.S. economic outlook that is bolstered by large federal actions that have emerged since November and were not incorporated in earlier projections.
In response, Senator Steve Cwodzinski (DFL-Eden Prairie), released the following statement:
“Having gone from a projected $4 billion deficit to a $1.4 billion surplus in the past year, this is great news. While the forecast shows a cautiously hopeful picture of our state’s budgetary future, we also have to recognize that we have a long road ahead of us to recover from this pandemic. The COVID-19 pandemic has impacted the lives of Minnesotans across the state, with clear evidence that some have been hit much harder than others – namely, our lower-wage workers, small businesses, and students. We must work together to prioritize support for our students, teachers and staff, working families, and small businesses to balance the budget, rebuild our economy and build a better future for us all.”